Custodian buys in Plymouth

Published:  17 May, 2017

Custodian REIT buys three retail park units for £7.5m

Custodian REIT has acquired three units on the 33,270-sq ft Coypool retail park in Plymouth, near the town centre and adjacent to the A38 Devon Expressway. The units are occupied by Oak Furniture Land, SCS and McDonald’s, with nearby retailers including Bensons for Beds, B&M, Harveys Furniture, Next Home and DFS.

The units’ leases expire on 6 June 2025, 13 October 2026 and 28 September 2031 respectively with a total passing rent of £538,226pa, reflecting a net initial yield1 of 6.74 per cent on the purchase price of £7.487m.

Managing director Richard Shepherd-Cross said: “SCS and Oak Furniture Land have both installed comprehensive mezzanine trading areas and all three tenants have recently committed to the location by agreeing to long term leases. This acquisition further diversifies our tenant mix through the addition of three strong, nationally established tenants.”

GCW advised the vendor.

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